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. andrew jackson basically ended its charter. there's a long history of mistrust in parts of the united states about the central bank and what it does. back in the derickson and hamilton days, a lot of the farm state bankers did not trust the first bank of the united states. -- back in the days of jefferson and hamilton. there is a federal reserve board in washington made up of seven governors and chairman who is ben bernanke. then there are 12 regional fed banks. they're all part of this federal reserve system. the regional fed bank, every chartered bank of the united states has to pay in capital to the federal reserve banks and in return they get a dividend. but these are not banks the way we think of commercial banks. the federal reserve bank of new york is not like citigroup out there trying to earn big profits to return to shareholders. their job is to manage the money supply. it is also to be a lender of last resort in a crisis, which is what the federal reserve did in 2007. when there is a run on a bank, when depositors flee the banking system because they are scared their money
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